The Naira began the new week on a steady note on Monday, as the exchange rate against the U.S. dollar held firm across both the official market and the parallel market.
Market observers reported calm trading conditions with no significant swings, noting that movements stayed within the same range recorded last week. Demand patterns also remained stable, contributing to the quiet start.
Official Window Shows Stability
Fresh data from the Nigerian Foreign Exchange Market on Monday morning placed the indicative rate at ₦1,449.84 per dollar, mirroring figures from late last week.
Analysts say recent monetary policies introduced by the Central Bank of Nigeria (CBN) are helping stabilize the market despite persistent liquidity tightness. They noted that the Naira continues to withstand pressure from importers and major dollar buyers.
Parallel Market Maintains Its Premium
In the parallel market, forex dealers in Lagos and Abuja quoted the dollar between ₦1,480 and ₦1,490, maintaining the wide premium over the official rate.
Experts warn that this gap remains a major concern for businesses that rely on foreign exchange for imports and operations. They added that the persistent disparity continues to influence investor sentiment and confidence levels.
With the year-end fast approaching, analysts expect close monitoring of the forex landscape, especially if new policy announcements or additional dollar inflows emerge.
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